A Merchant Cash Advance is a unique way to get working capital to grow your business by leveraging your future sales. As a merchant, you agree to sell a portion of your future sales at a discounted price to access that money now. These future sales can be sold to Snap Advances, who will then automatically collect the money you sold to them over the next several months by having a set percentage of your credit and debit card sales (or a daily ACH) routed to pay back the advance.
The payback of a Merchant Cash Advance is fully automated. There are no monthly checks to write or payments to worry about making on time. There are two ways:
A Merchant Cash Advance is different from a loan in many ways.
This all depends on you. If you are able to provide the requested information promptly, Snap Advances is usually able to provide funding within 3-5 business days. Once your business has been approved and the processing relationship has been finalized, the funds will be directly wired to your business checking account.
You can receive between $9,000 and $250,000, depending on your business.
You certainly can. After you have paid off more than 50% of your advance and are in good standing, you can apply for additional funding. In fact, since it is so easy to do and so beneficial to their business efforts, a high percentage of our customers return to take advantage of additional funding opportunities. Even better, receiving additional funding for your business can happen in a matter of hours instead of days.
Absolutely. While your personal credit may affect your advance rate, we care much more about the performance and future of your business than we do about your personal credit history.
In order to receive a conditional approval, you will need to complete an application and provide three months of business bank statements.
While we typically work with businesses that have been in operation for at least 12 months, Snap Advances is one of the few Merchant Funding Companies that works with new businesses. The amount we can extend as a first advance is lower for businesses younger than a year old, but we are happy to do all we can to help you succeed.
Yes, but this information does not carry as much weight as it does with other funding options. With Snap Advances, a business owner’s poor or damaged personal credit history is not an automatic disqualifier for the business. Many businesses that have trouble obtaining capital from banks will qualify for a Merchant Cash Advance from Snap Advances.
Yes, you will! By referring other merchants that we end up funding, you will receive a better rate on your next cash advance.